Japanese and Chinese markets draw investor attention on Tuesday as financial markets in Australia, New Zealand and Hong Kong remained shut for Christmas. Japanís equities were bolstered by a weakened Yen. Tokyoís Topix index advanced 0.2% while the Nikkei 225 Stock Average gained 2.2 percent. Meanwhile, the Yen snapped a four-day advance versus the U.S. dollar after data released earlier today showed the countryís core consumer prices came in worse-than-expected.

The Japanese Statistics Bureau on Tuesday reported that core consumer prices in Tokyo, a leading indicator of nationwide price movement, fell 0.6 percent in December from a year earlier. This is the fastest pace of decline in nearly four years, outlining the challenges policy-makers have been struggling to boost the nationís inflation.

The national core consumer price index, which includes oil products but excludes volatile fresh food prices, shed 0.4 percent in November from a year earlier, marking the ninth straight month of annual declines. The headline figure suggests a weak momentum of the countryís prices to move toward the central bank's ambitious 2 percent target. However, economists expected a recent rebound in oil costs and yen declines will help to accelerate inflation next year.

Markets in the U.S. and most of Europe will resume trading after a holiday Monday.

Oil prices were little changed on Tuesday with markets waiting for the first output cut deal agreed between OPEC and non-OPEC members in 15 years is scheduled to kick in on January 1st, 2017. London Brent crude for February delivery was trading at $55.15 a barrel by 05:00 GMT while NYMEX crude for the same contract ticked down to trade at $53.12 a barrel. Oil markets were closed on Monday in observation of Christmas holiday.

Elsewhere, the Chinese National Bureau of Statistics on Tuesday announced profits at industrial firms accelerated in November. Industrial profits rose 14.5 percent last month from a year earlier to 774.6 billion yuan ($111 billion), with gains led by advances in coal and metal prices. The index soared 9.8 percent in the previous month. As a result, earnings in the first 11 months jumped 9.4 percent to 6.03 trillion yuan.

Technicals

USDCAD

Fig: USDCAD H4 Technical Chart

USDCAD is struggling near over-one-month high at 1.35563. The pair has retreated a little bit after soaring to the 1.35400 resistance but is likely to edge higher with support from two MAs moving below the price action. The U.S. dollar may reach the 50.0% Fibonacci level at 1.35740.

EURCHF remained steady on an uptrend but at the same could not break out of the resistance at around 1.07400. The parabolic sar has changed its direction to move under the price action. Meanwhile, the short-term MA20 has crossed over the long-term MA50 from below, suggesting further advanced.

Silver prices rebounded from the support at 15.680 and are struggling with the short-term MA 20 at around 15.872. The parabolic sar has turned below the price action, which suggests a reversal into an uptrend. As can be observed from the ADX chart, the +DI line has penetrated the ĖDI line from below while the ADX index is pointing downwards, indicating a strengthening bullish force.

The European stock benchmark has been stuck in a thin range for the last three days. The short-term 20-period moving average has kept the index from falling further but the price has not gather enough bullish momentum to break out of the side-way state and edge higher. The ADX index has fallen below 20, indicating no clear trend in market. In the event of an uptrend, Euro 50 index may reach the 3300.00 threshold.

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USDJPY reversed higher on Tuesday after four straight trading days of gains last week. The reversal into an uptrend today was due to the fact that the pair had hit the major support at 117.00 level and Japanese economic data that underlined the challenges policy-makers are facing to accelerate the nationís inflation.

The Japanese Statistics Bureau on Tuesday reported that core consumer prices in Tokyo, a leading indicator of nationwide price movement, fell 0.6 percent in December from a year earlier. This is the fastest pace of decline in nearly four years, outlining the challenges policy-makers have been struggling to boost the nationís inflation.

The national core consumer price index, which includes oil products but excludes volatile fresh food prices, shed 0.4 percent in November from a year earlier, marking the ninth straight month of annual declines. The headline figure suggests a weak momentum of the countryís prices to move toward the central bankís ambitious 2 percent target. However, economists expected a recent rebound in oil costs and yen declines will help to accelerate inflation next year.

Nonetheless, household spending dropped percent in November from a year earlier, extending the slide to a ninth consecutive month.

Separate data by the Statistics Bureau showed the jobs-to-applicants ratio rose to 1.41 from 1.40 last month, in line with a median market forecast. The reading also marked the highest level since July 1991.

In a report released later on Tuesday, Ministry of Land, Infrastructure and Transport stated that housing starts in Japan fell more-than-expected in the last quarter. Indeed, the growth of Japanese Housing Starts slipped to a seasonally adjusted 6.7%, from 13.1% in the second quarter. Analysts had expected Japanese Housing Starts to rise at the pace of 10.2% in the last quarter.

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U.S. crude oil futures jumped on Tuesday, prolonging its year-end rally amidst expectations of tighter market once the deal between OPEC and non-OPEC producers takes effect from Sunday.

Crude prices soared more than 1.7% to nearly $54 per barrel and are on track to attempt the yearís high of $54.51 high reached on December 12th. The strong surge came after remarks from the Energy Ministry of Venezuela stating that the country would cut 95,000 barrels-per-day of oil production since January 1st in fulfillment of a nearly 1.8 million bdp output-cut deal signed by the OPEC and non-OPEC oil producers.

The up move was magnified by low trading volume in the first post-Christmas trading session

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Asian stocks echoed gains in U.S. equities overnight, rising in thin trading on Wednesday. Australian and New Zealand markets reopened after being closed Monday and Tuesday for the Christmas holiday with the formerís S&P/ASX 200 Index up 1% while the latterís S&P/NZX 50 Index was little changed. Although Asian shares were mixed, the MSCI Asia Pacific Index advanced for the first time in seven days.

Yesterday, the S&P 500 Index extended its monthly advance, ticking 0.2 percent higher. Another U.S. equity benchmark, the Nasdaq Composite Index rose to its all-time high and the Dow Jones Industrial Average approached 20,000, supported by the release of upbeat U.S. economic data.

According to a monthly survey released by the Conference Board on Tuesday, consumer optimism about the U.S. economy increased to the highest level since August 2001. The Consumer Confidence Index jumped to 113.7 in December, comfortably beating analystsí expectation calling for the headline figure to hit 109 for the month.

In a preliminary report on Wednesday, the Ministry of Economy, Trade and Industry stated that Japanese industrial production rose 1.5% in November, compared with the previous month. Despite the fact that the reading missed forecast a 1.8% increase, the preliminary data was a sharply surge after flat-lining in October. On a yearly basis, industrial production rose 4.6%.

In a separate report on Wednesday, METI said Japanese retail sales showed their first monthly gain since February. Thanks to export volumes that rebounded sharply, the reading recorded an increase of 1.7% in November, following a 0.2% drop the previous month.

Technicals

NZDUSD

Fig: NZDUSD H4 Technical Chart

NZDUSD has been on a rise since it broke out of a consolidation in the last two trading days. The price action is facing the long-term MA50 at 0.69212 after the price action penetrated the short-term MA20 at 0.68930. Both RSI and ADX is soaring, suggesting a strong upward support.

AUDNZD has been under downward pressure created by the slopping downtrend line. The pair pulled back after hitting this resistance and has also breached the 1.04150 support. RSI rebounded from the central line, suggesting the return of the bearish force. The pair may slide further to test the next support at 1.03770.

Brent crude reversed higher following a fall that sent the price back to 56.00 support. Recent candles have short or no lower shadows at all, which indicates a weak bearish force. With support from two MAs hanging below the price action, the commodity may tick higher to reach the 57.00 handle.

Sugar pulled back after its bullish momentum was hit by two resistances at the same time. The first one is a dynamic resistance which is the 20-period moving average and the other is the 38.2% Fibonacci level. As can be seen from the Stochastic chart, the %K line has reversed lower and may cross over the %D line from above. The commodity price may fall lower to test 18.00 support.

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U.K. shares climbed on Wednesday, pushed higher by gains in mining and energy companies. In the first trading day after the Christmas and Boxing Day holidays, the benchmark FTSE 100 surged 0.36% to 7093.39 with shares of BHP Billiton, Rio Tinto and Anglo American among best performers.

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Raw sugar futures have been on a vigorous rally since the market reopened on Tuesday following the Christmas holiday. After rebounding from a 6-1/2 month low at 17.84 cents logged on December 15th, the commodity had fallen into a consolidation before advancing strongly.

Over the last three trading day, sugar futures prices have added nearly 5.8% to trade at 19.22 cents on Thursday as traders have been adjusted their positions in the run-up to the New Year holiday. Indeed, speculators are covering their short positions after consistently selling sugar and sending the price lower for three months in a row.

Nevertheless, raw sugar is on course to close the year rising over 25%.

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Raw sugar futures have been on a vigorous rally since the market reopened on Tuesday following the Christmas holiday. After rebounding from a 6-1/2 month low at 17.84 cents logged on December 15th, the commodity had fallen into a consolidation before advancing strongly.

Over the last three trading day, sugar futures prices have added nearly 5.8% to trade at 19.22 cents on Thursday as traders have been adjusted their positions in the run-up to the New Year holiday. Indeed, speculators are covering their short positions after consistently selling sugar and sending the price lower for three months in a row.

Nevertheless, raw sugar is on course to close the year rising over 25%.

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